Application for Grant, gathering and distributing the Estate

We will deal with the full process for you.  We will:

• Request and obtain valuations of bank accounts, building society accounts, premium bonds, policies and any other assets
• Contact credit card companies, loan and mortgage providers to obtain a valuation of liabilities
• Contact the Department for Work and Pensions and any private pension provider to ascertain whether any pension payments or benefits are payable to the estate or if any refunds of overpayments are due to be refunded
• Arrange for a valuation of the property
• Obtain evidence of identity for all beneficiaries and carry out bankruptcy searches
• Complete the application for the Grant
• Draft the Statement of Truth
• On receipt of the Grant encash and collect all assets.
• Arrange for the sale of the property (if applicable)
• Pay all liabilities
• Prepare Estate Accounts for approval by the Executor(s) / Administrator(s)
• Distribute the Estate

This quote is for estates where:-

• There are no more than 2 executors
• No inheritance tax is payable and a full account does not need to be submitted to H M Revenue and Customs
• There is a valid Will
• The deceased had no more than 4 Bank or Building Society Accounts
• The deceased held premium bonds
• The deceased had a private pension
• The deceased had only one property
• The deceased had a shareholding with 1 company
• The deceased had no more than 1 mortgage, 1 bank loan, 1 credit card.
• There are no more than 3 beneficiaries due a share of the residuary estate
• There are no more than 3 beneficiaries to receive a legacy

Costs

Our charges for the above will not exceed £1,300.00 plus VAT

We also charge a fee of £10.00 plus VAT to carry out an identity check for each Executor/Administrator

These charges are calculated mainly by reference to the time actually spent by the solicitor and other staff in respect of the work which they do on your behalf.  This may include meetings with you, reading, preparing and working on papers, making and receiving telephone calls, email and letters.

The current hourly rates are set out below.  VAT will be added to these at the rate that applies when the work is done.  At present, VAT is 20%

Disbursements which would be payable in addition to our fee are :-

Disbursements are expenses paid on your behalf such as the Probate Application Fee paid to the Court

• Probate Application fee £155.00
• Office Copy of Grant £0.50 each
• A Notice in the London Gazette and local paper to protect the Executor(s) against unexpected claims from unknown creditors. Approximately £200.00 (optional)
• Bankruptcy searches against all beneficiaries £2.00 per person

Potential Additional Costs

Additional costs will be payable should any of the following apply:-

• If you instruct us to claim any unused Inheritance Tax threshold from the deceased’s late spouse or civil partner
• If the estate is above the Inheritance Tax threshold
• If there are additional bank accounts, assets, properties, liabilities.
• If there are additional beneficiaries
• If the deceased owns more than 1 property
• There are any disputes between beneficiaries
• If the Will is found to be defective and an Affidavit is required

If the deceased owns a property there will be additional charges in connection with the sale or transfer.

Additional costs

If the property is to be sold our usual conveyancing fees for a sale will apply.

If the property is to be transferred to a beneficiary our fees would be £250.00 plus VAT.

Disbursements which would be payable on the transfer of a property:-

• Official Copy Entries £6.00
• H M Land Registry search £3.00
• Land Registry fee – this is based on the value of the property. For further details please visit http://landregistry.data.gov.uk/fees-calculator.html

Value Element

In the Administration of Estates cases involving particular complexity or requiring specialist expertise, an additional charge may be made to that calculated on the basis of time spent.  This may reflect a percentage of the value of the Estate.  This value element reflects the importance and complexity of the transaction and the consequent responsibility falling on the firm.

Timescales

On average we would anticipate an estate as detailed above to take around 3 to 4 months.  Obtaining valuations can take around 3 weeks, obtaining the Grant can take around 2 to 3 weeks and encashing assets can take around 3 weeks.  Once we are in receipt of all assets and liabilities have been paid we will prepare the Estate Accounts for approval by the Executor(s)  / Administrator(s) .  Once the Estate Accounts are approved we will distribute the asset which normally takes 2 weeks.

Please note, if there is a property to be sold and distributed the above timescales will be dependent upon how quickly a buyer is found and the time it takes for the sale of the property competed.  These timescales are also dependent on all bank, organisations and beneficiaries responding within a reasonable time.  Delayed replies will increase the time taken to complete the administration process.